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Finance

Singapore Starts Fraud Investigation Into Crypto Exchange Hodlnaut

The police are looking into allegations of cheating and fraud by the company and its directors.

By Parikshit Mishra, Oliver Knight
AccessTimeIconNov 24, 2022 at 6:32 a.m. UTC
Updated May 9, 2023 at 4:03 a.m. UTC
(Unsplash)
(Unsplash)

Singapore police said they have started an investigation into troubled crypto exchange Hodlnaut.

According to a press release, the police are looking into allegations of cheating and fraud by the company and its directors.

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    • The investigation report is the latest blow for the troubled Singapore-based exchange, which was one of the many crypto firms that was hit by the crypto downturn earlier this year.

    Earlier this month, the exchange had revealed that it has over SGD 18.3 million ($13.3 million) worth of crypto stuck in the defunct exchange FTX, dealing a further blow to its recovery process.

    Hodlnaut had frozen withdrawals in August, after reportedly losing close to $189.7 million due to the collapse of the Terra ecosystem.

    Hodlnaut did not immediately respond to CoinDesk's request for comment.

    Read more: Troubled Crypto Lender Hodlnaut Had $13M on FTX Before Withdrawal Freeze

    UPDATE (Nov. 24, 11:07 UTC): Updates headline and story with confirmation from Singapore Police.

    CORRECTION (Nov. 28, 15:25 UTC): Corrects Hodlnaut name throughout.




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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Parikshit Mishra
    Parikshit Mishra

    Parikshit Mishra is CoinDesk's Deputy Managing Editor responsible for breaking news coverage. He does not have any crypto holdings.

    Follow @parikshitm899 on Twitter
    Oliver Knight
    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

    Follow @OKnightCrypto on Twitter